Raytheon Settles Pension Shortchanging Suit Over Lifespan Data

Raytheon Co. has reached a tentative deal to settle a proposed class action by retirees who say the company shortchanges their pensions by using outdated lifespan data and unreasonable interest rate assumptions, the parties told a federal judge in Boston.

The parties announced the deal during a Thursday video conference with Chief Judge Patti B. Saris of the U.S. District Court for the District of Massachusetts. Saris instructed the parties to file settlement paperwork by Jan. 20, 2021.

The lawsuit by Raytheon retiree Johnny Cruz claims the company shortchanges the retirement benefits of workers who choose certain optional pension formats ...